Company registration number 00976682 (England and Wales)
H.A.MCPARLAND LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
H.A.MCPARLAND LIMITED
COMPANY INFORMATION
Directors
Mrs H A McParland
C McParland
Secretary
C McParland
Company number
00976682
Registered office
Sterlings Church Road
Business address
Cookham
Maidenhead
Berkshire
SL6 9PG
Auditor
Xeinadin Audit Limited
Becket House
36 Old Jewry
London
EC2R 8DD
H.A.MCPARLAND LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
H.A.MCPARLAND LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Review of the business

The retail pharmacy sector has faced significant challenges over the past year, with several larger pharmacy groups withdrawing from the market. Rising operating costs and sustained margin pressures have continued to impact profitability across the industry.

Reimbursement rates have not increased since 2016, and the sector is awaiting the outcome of the ongoing NHS review, which is expected to provide greater clarity on future funding arrangements. Staff turnover remains elevated, with a number of trained employees moving to positions within the NHS, attracted by competitive pay rates. The anticipated change in Government may bring new policies that could positively support pharmacy community.

Despite these challenges, the Directors remain confident in the Company’s resilience and ability to adapt. The business is considered to be well positioned to manage current headwinds and to pursue opportunities as market conditions evolve.

Principal risks and uncertainties

The principal risks identified by management include theft and shoplifting, as well as the ongoing challenge of controlling operational costs to maintain profitability.

Key performance indicators

The Directors consider the key performance indicators (KPIs) for the Company to be those that best reflect its overall financial performance and strength. These are as follows:

| Unit | 202 4 '000' | 20 23 '000'
Turnover | £ | 23,110 | 25,332
Gross p rofit | £ | 6,745 | 6,344
Net loss after taxation | £ | (652) | (1,256)
Gross profit margin | % | 29.19 | 25.04

On behalf of the board

Mrs H A McParland
Director
7 October 2025
H.A.MCPARLAND LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company continued to be that of a community pharmacy.

Results and dividends

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs H A McParland
C McParland
Financial instruments

The company’s principle financial instruments comprise bank balances, trade debtors and creditors and loans to the company. The main purpose of these instruments is to raise funds for the company’s operations and to finance the company’s operations. The company’s approach to managing the risks applicable to the financial instruments concerned is below:

Liquidly risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Credit risk

Trade debtors are managed in respect of NHS payments policies (the remainder of the business being retail with no credit facilities offered to customers).

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

H.A.MCPARLAND LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mrs H A McParland
Director
7 October 2025
H.A.MCPARLAND LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF H.A.MCPARLAND LIMITED
- 4 -

Disclaimer of opinion

We were engaged to audit the financial statements of H.A.McParland Limited (the 'company') for the year ended 30 June 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

We do not express an opinion on the accompanying financial statements. Because of the significance of the matter described in the 'Basis for Disclaimer of Opinion' section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

Basis for Disclaimer of Opinion

We have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion after considering the implications of the following matters:

- Inventory observation: Our appointment as auditor on 3 February 2025 occurred after the year-end and we were therefore unable to observe the counting of physical inventories. Because of limitations inherent in the company’s accounting records, we were not able to obtain sufficient appropriate audit evidence by other means concerning the existence, condition, and expiry of inventories amounting to £1,912,682. Consequently, we could not determine whether adjustments might be required to this balance.

- Cut-off errors: During our audit procedures, we observed significant cut-off errors in respect of trade creditors and purchases. Specifically, we noted understatements of £1,867,981 in the opening balance sheet as at 30 June 2023 and £1,540,556 as at 30 June 2024. Due to these matters, we were unable to obtain sufficient appropriate audit evidence to determine whether any adjustments to these transactions or to the related inventory balance were required.

- Related party transactions: During the year, the company entered into sales and purchase transactions of £80,000 and £272,947 respectively with entities under the control of the directors. These transactions have been recorded at cost. The company did not maintain detailed records of these transactions as they occurred, and the amounts recognised are based on management’s estimates. We were unable to obtain sufficient appropriate audit evidence, either from the company’s records or by alternative audit procedures, to satisfy ourselves that these related party transactions are complete and conducted on commercial terms.

- Balances with Berkshire Wholesale Supplies (2002) Limited: Further to the matters noted above, we observed that amounts of £5,737,638 received and £3,877,638 paid by Berkshire Wholesale Supplies (2002) Limited on behalf of H.A. McParland Limited, an entity under common control, were not supported by a detailed breakdown or supporting documentation. In the absence of sufficient supporting information, we were unable to obtain appropriate audit evidence to satisfy ourselves as to the accuracy and completeness of these balances.

- Other related party Transaction: In addition, we were not provided with a detailed analysis of other related party transactions and balances disclosed in note 21 to the financial statements, including those referred to above. Consequently, we were unable to obtain sufficient appropriate audit evidence to satisfy ourselves as to the accuracy and completeness of the related party disclosures.

- Journal entries: Furthermore, no detailed ledger analysis of transactions was provided to us during the course of the audit. In the absence of adequate records of journal entries, we were unable to obtain sufficient appropriate audit evidence, either from the company’s records or by alternative procedures, to satisfy ourselves as to the accuracy, validity, and completeness of journals.

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

H.A.MCPARLAND LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF H.A.MCPARLAND LIMITED (CONTINUED)
- 5 -

Key audit matters

Except for the matters described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have been unable to form an opinion, whether based on the work undertaken in the course of the audit:

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Notwithstanding our disclaimer of an opinion on the financial statements, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit performed subject to the pervasive limitation described above, we have not identified material misstatements in the strategic report or the directors' report.

Arising solely from the limitation on the scope of our work relating to the matters described in the basis of disclaimer of opinion:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records had been maintained.

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:

- returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made.

H.A.MCPARLAND LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF H.A.MCPARLAND LIMITED (CONTINUED)
- 6 -
Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK Fi nancial Re porting S tandards, Company Law, Medical & Healthcare Products Regulatory Agency regulations, General Pharmaceutical Council, Employment Law, Health and Safety legislation, General Data Protection Regulation, Tax and Pensions legislation and distributable profits legislation.

- It is considered that, except for Medical & Healthcare Products Regulatory Agency regulations and the General Pharmaceutical Council regulations, there are no laws and regulations for which non compliance may be fundamental to the operating aspects of the business.

The areas that we identified as being susceptible to misstatement through fraud were:

- Management bias in the estimates and judgements made;

- Management override of controls; and

- Posting of unusual journals or transactions.

H.A.MCPARLAND LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF H.A.MCPARLAND LIMITED (CONTINUED)
- 7 -

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of:

- testing of revenue and purchases to e nsure they ha ve been fairly recognised in the year;

- enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations;

- enquiries with the same concerning any actual or potential litigation or claims;

- Inspection of relevant legal correspondence and invoices.

- testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

Except for the matters described in the basis for disclaimer of opinion section of our report, no instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

The financial statements of H.A McParland Limited for the year ended 30 June 2023 were audited by another auditor who expressed a qualified opinion on those statements in their report dated 05 July 2024.

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 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's 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.

John Lee BA FCA (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited, Statutory Auditor
Chartered Accountants
Becket House
36 Old Jewry
London
EC2R 8DD
7 October 2025
H.A.MCPARLAND LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
as restated
Notes
£
£
Turnover
3
23,110,058
25,331,531
Cost of sales
(16,364,940)
(18,987,125)
Gross profit
6,745,118
6,344,406
Administrative expenses
(7,672,235)
(7,659,874)
Other operating income
213,726
168,418
Operating loss
4
(713,391)
(1,147,050)
Interest receivable and similar income
7
57,298
6,991
Loss before taxation
(656,093)
(1,140,059)
Tax on loss
8
3,747
(115,915)
Loss for the financial year
(652,346)
(1,255,974)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

H.A.MCPARLAND LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2024
2023
as restated
£
£
Loss for the year
(652,346)
(1,255,974)
Other comprehensive income
-
-
Total comprehensive income for the year
(652,346)
(1,255,974)
H.A.MCPARLAND LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 10 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
9
2,653,955
3,053,504
Tangible assets
10
1,033,533
1,077,970
Investments
11
2,316,805
2,029,273
6,004,293
6,160,747
Current assets
Stocks
14
1,912,682
1,927,552
Debtors
15
3,967,737
4,480,345
Cash at bank and in hand
9,639,324
7,855,783
15,519,743
14,263,680
Creditors: amounts falling due within one year
16
(13,211,437)
(11,457,035)
Net current assets
2,308,306
2,806,645
Total assets less current liabilities
8,312,599
8,967,392
Provisions for liabilities
Deferred tax liability
17
-
0
2,447
-
(2,447)
Net assets
8,312,599
8,964,945
Capital and reserves
Called up share capital
19
1,000
1,000
Profit and loss reserves
8,311,599
8,963,945
Total equity
8,312,599
8,964,945

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 7 October 2025 and are signed on its behalf by:
Mrs H A McParland
Director
Company registration number 00976682 (England and Wales)
H.A.MCPARLAND LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 30 June 2023:
Balance at 1 July 2022
1,000
10,438,360
10,439,360
Prior period error
-
(218,441)
(218,441)
As restated
1,000
10,219,919
10,220,919
Year ended 30 June 2023:
Loss and total comprehensive income
-
(1,255,974)
(1,255,974)
Balance at 30 June 2023
1,000
8,963,945
8,964,945
Year ended 30 June 2024:
Loss and total comprehensive income
-
(652,346)
(652,346)
Balance at 30 June 2024
1,000
8,311,599
8,312,599
H.A.MCPARLAND LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
1,723,448
93,558
Income taxes refunded/(paid)
2,795
(251,699)
Net cash inflow/(outflow) from operating activities
1,726,243
(158,141)
Investing activities
Interest received
57,298
6,991
Net cash generated from investing activities
57,298
6,991
Net increase/(decrease) in cash and cash equivalents
1,783,541
(151,150)
Cash and cash equivalents at beginning of year
7,855,783
8,006,933
Cash and cash equivalents at end of year
9,639,324
7,855,783
H.A.MCPARLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
1
Accounting policies
Company information

H.A.McParland Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sterlings Church Road, Cookham, Maidenhead, Berkshire, SL6 9PG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below

The company has taken advantage of the exemption under Section 399 of the Companies Act 2006 and Section 9 of FRS 102 from preparing consolidated financial statements. This exemption is available because all of its subsidiaries are dormant.

1.2
Prior period error

During the current financial year, we identified and corrected following prior period errors:

Freehold Land and building

A prior period error was identified in relation to a property costing £260,049, which had been incorrectly recognised as a tangible fixed asset in the financial statements of previous years. This property has now been removed from the financial statements. The resulting adjustment of £218,441 has been corrected by restating the retained earnings.

Cost of sales

During the year, it was identified that purchases of £1,867,981 relating to the prior year had been incorrectly recorded in the current year’s cost of sales. This error has been corrected by restating the prior year cost of sales. As no detailed review of the 2022 year-end cut-off has been undertaken, the reported loss for the year ended 30 June 2023 may therefore be overstated.

1.3
Going concern

The Company has a loss before tax of £656,0 93 (2023: £1,140,059) and net assets of £8,312,599 (2023: £8,964,945).

The directors have assessed the Company’s current financial position and performance, along with its revenue and available options for funding on need basis, covering a period of at least twelve months from the date of approval of these financial statements.

Based on this assessment, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the going concern basis of accounting has been adopted in preparing the Company's financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

H.A.MCPARLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -

The company provides training and pharmacy services to NHS and private institutions. Revenue is recognised when services are rendered.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 2 0 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% on cost
Short leasehold
Over the period of the lease term
Fixtures and fittings
20% on cost
Motor vehicles
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Fixed asset investments

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

H.A.MCPARLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.11
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 balance sheet 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 debtors 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. Financial assets classified as receivable within one year are not amortised.

H.A.MCPARLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.12
Equity instruments

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

H.A.MCPARLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.15
Employee benefits

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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

H.A.MCPARLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Judgements 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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Impairment of goodwill

When assessing impairment of goodwill , the asset’s fair value less estimated costs to sell has been used as its recoverable amount. When determining the asset’s fair value less estimated costs to sell, management considers the market value of the pharmacy business, pharmacy values are normally affected by several factors that are specific to the pharmacy industry. Business valuations are subject to positive or negative influence from competition, location and secured NHS dispensing turnover. See note 9 for the net carrying amount of the goodwill and associated impairment.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect the current estimates, based on technological advancement, future investments, economic utilisation, intention usage of the tangible assets and the physical conditions of the assets.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales - NHS dispensing
18,581,880
20,368,076
Sales - OTC & Service Income
4,528,178
4,963,455
23,110,058
25,331,531
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
23,110,058
25,331,531
H.A.MCPARLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Turnover and other revenue
(Continued)
- 19 -
2024
2023
£
£
Other revenue
Interest income
57,298
6,991
4
Operating loss
2024
2023
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
40,000
26,800
Depreciation of owned tangible fixed assets
44,437
32,362
Amortisation of intangible assets
399,549
425,049
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Employees
245
228

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
5,160,725
4,725,792
Social security costs
450,365
398,049
Pension costs
49,091
119,617
5,660,181
5,243,458
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
166,000
116,000

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

H.A.MCPARLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
57,298
6,991
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
57,298
6,991
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
114,337
Deferred tax
Origination and reversal of timing differences
(3,747)
1,578
Total tax (credit)/charge
(3,747)
115,915

The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(656,093)
(1,140,059)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
(164,023)
(233,712)
Tax effect of expenses that are not deductible in determining taxable profit
-
0
1,506
Unutilised tax losses carried forward
54,772
-
0
Adjustments in respect of prior years
-
0
382,936
Effect of change in corporation tax rate
-
0
(96,958)
Depreciation on assets not qualifying for tax allowances
110,997
62,143
Other adjustments
(5,493)
-
0
Taxation (credit)/charge for the year
(3,747)
115,915
H.A.MCPARLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
9
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
10,541,113
Amortisation and impairment
At 1 July 2023
7,487,609
Amortisation charged for the year
399,549
At 30 June 2024
7,887,158
Carrying amount
At 30 June 2024
2,653,955
At 30 June 2023
3,053,504
10
Tangible fixed assets
Freehold land and buildings
Short leasehold
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
1,120,661
296,419
868,803
94,672
2,380,555
Disposals
-
0
(27,499)
-
0
-
0
(27,499)
At 30 June 2024
1,120,661
268,920
868,803
94,672
2,353,056
Depreciation and impairment
At 1 July 2023
160,725
199,696
851,749
90,415
1,302,585
Depreciation charged in the year
11,253
16,121
12,807
4,256
44,437
Eliminated in respect of disposals
-
0
(27,499)
-
0
-
0
(27,499)
At 30 June 2024
171,978
188,318
864,556
94,671
1,319,523
Carrying amount
At 30 June 2024
948,683
80,602
4,247
1
1,033,533
At 30 June 2023
959,936
96,723
17,054
4,257
1,077,970

A freehold property with a cost of £260,049 and a carrying value of £218,441 was incorrectly recognised in the financial statements of prior periods. This property has been adjusted in the current year's financial statements as a prior period adjustment, with the corresponding adjustment made through the restatement of retained earnings.

H.A.MCPARLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
11
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
12
2,316,805
2,029,273
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023
2,029,273
Reinstatement of Investment
287,532
At 30 June 2024
2,316,805
Carrying amount
At 30 June 2024
2,316,805
At 30 June 2023
2,029,273

Reinstatement of Subsidiary

In the prior year, the subsidiary, Furlend Limited, was dissolved by Companies House on 22 August 2023. Consequently, the related investment and intercompany balance of £287,532 were derecognised from the balance sheet. This had no impact on the company’s net assets or profit and loss account.

In the current year, Furlend Limited was reinstated at Companies House, and the investment and intercompany payable were reinstated accordingly.

12
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
G & N Brunsden Limited
England and Wales
Ordinary
100.00
Dipnoi Limited
England and Wales
Ordinary
100.00
Olives Limited
England and Wales
Ordinary
100.00
Kennet Pharmacy Limited
England and Wales
Ordinary
100.00
Furlend Limited
England and Wales
Ordinary
100.00

All of the above subsidiaries are dormant and have not traded for several years.

13
Financial instruments

At the balance sheet date, the company had total financial assets at amortised cost of £13,564,374 (2023: £11,872,565) and financial liabilities at amortised cost of £1 3,211,437 (2023: £11,457,035).

H.A.MCPARLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
14
Stocks
2024
2023
£
£
Finished goods and goods for resale
1,912,682
1,927,552
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,667,146
1,631,879
Other debtors
2,257,905
2,834,903
Prepayments and accrued income
41,386
13,563
3,966,437
4,480,345
Deferred tax asset (note 17)
1,300
-
0
3,967,737
4,480,345
16
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
8,942,417
7,590,118
Amounts owed to group undertakings
2,721,279
2,433,747
Corporation tax
116,265
113,470
Other taxation and social security
128,988
103,676
Other creditors
1,302,488
1,216,024
13,211,437
11,457,035

The company currently has charges registered against the assets of the company. The company has indicated that these charges have been satisfied and is in the process of communicating with the relevant banks in removing these charges.

17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
-
2,447
1,300
-
H.A.MCPARLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
17
Deferred taxation
(Continued)
- 24 -
2024
Movements in the year:
£
Liability at 1 July 2023
2,447
Credit to profit or loss
(3,747)
Asset at 30 June 2024
(1,300)
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
49,091
119,617

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
20
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
288,206
288,206
Between two and five years
1,055,073
1,033,449
In over five years
407,900
717,370
1,751,179
2,039,025
H.A.MCPARLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
21
Related party transactions

H. A. McParland (Chemists) Limited

During the year, the company entered into the following transactions with H A McParland (Chemists) Limited, a company under common directorship, recharged management fees of £90,000 (2023: £90,000), sales of £50,000 (2023: £600,000), and purchases of £272,947 (2023: £Nil). The company received funds of £Nil (2023: £617,317) from H A McParland (Chemists) Limited.

At the balance sheet date, £1,345,294 (202 3: £1,907,633) was owed to the company by H A McParland (Chemist) Limited. This amount is included in o ther d ebtors.

Tadley Healthcare Limited

During the year, the company entered into sales transactions with Tadley Healthcare Limited, company under common directorship, amounting to £30,000 (2023: £330,000). At the year end, the balance due from Tadley Healthcare Limited was £668,439 (2023: £682,936), which is included within other debtors.

Berkshire Wholesale Supplies (2002) Limited

During the year, £5,737,638 (2023: £3,145,603) of the company's own trade debtor receipts were banked into Berkshire Wholesale Supplies (2002) Limited bank account and Berkshire Wholesale Supplies (2002) Limited settled £3,877,638 (2023: £2,696,761) of the company's trade creditors. This company is under common control.

There was a further net transfer of funds from this company to the co-owned company of £Nil (2023: £190,000).

At the balance sheet date, £5,168,345 (202 3: £3,275,190) was due to Berkshire Wholesale Supplies (2002) Limited. This balance is included within trade creditors.

H A McParland Executive Pension Fund

During the year, the company recorded rent expense of £90,000 (202 3: £90,000) to HA McParland Executive Pension Fund, a pension scheme in which the director has an interest. At the balance sheet date £540,000 (202 3: £450,000) was owed to the pension scheme. This balance is included within o ther creditors.

MACP Property Company Limited

During the year, the company paid rent of £60,000 (202 3: £60,000) to MACP Property Company Limited. At the balance sheet date, the company owed £123,095 (202 3: £82,544) to MACP Property Company Limited, a company under control of a close family member of the directors. This balance is included within trade creditors.

Amounts Owed to Group Undertakings

Balances owed to group undertakings at the reporting date are set out in Note 16.

Amounts owed to the director

At the balance sheet date, the company owed the directors £321,525 (2023: £287,298).

22
Ultimate controlling party

The company is under the joint control of the directors, H. McParland and C. McParland.

H.A.MCPARLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
23
Cash generated from operations
2024
2023
£
£
Loss after taxation
(652,346)
(1,255,974)
Adjustments for:
Taxation (credited)/charged
(3,747)
115,915
Investment income
(57,298)
(6,991)
Amortisation and impairment of intangible assets
399,549
425,049
Depreciation and impairment of tangible fixed assets
44,437
32,362
Movements in working capital:
Decrease/(increase) in stocks
14,870
(66,363)
Decrease/(increase) in debtors
513,908
(1,456,905)
Increase in creditors
1,464,075
2,306,465
Cash generated from operations
1,723,448
93,558
24
Analysis of changes in net funds
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
7,855,783
1,783,541
9,639,324
25
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Jun 2023
£
£
£
Fixed assets
Tangible assets
1,296,411
(218,441)
1,077,970
Creditors due within one year
Other creditors
(9,371,908)
(1,867,981)
(11,239,889)
Net assets
11,051,367
(2,086,422)
8,964,945
Capital and reserves
Profit and loss reserves
11,050,367
(2,086,422)
8,963,945
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 30 June 2023
£
£
£
Cost of sales
(17,119,144)
(1,867,981)
(18,987,125)
Profit/(loss) for the financial period
612,007
(1,867,981)
(1,255,974)
H.A.MCPARLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
25
Prior period adjustment
(Continued)
- 27 -

Details of a prior period error identified during the year, and the resulting restatement of comparative information, are set out in note 1.2.

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