Company registration number 15075402 (England and Wales)
LP SD ONE HUNDRED TWENTY EIGHT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
LP SD ONE HUNDRED TWENTY EIGHT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
LP SD ONE HUNDRED TWENTY EIGHT LIMITED
BALANCE SHEET
AS AT
30 OCTOBER 2024
30 October 2024
- 1 -
2024
Notes
£
£
Fixed assets
Intangible assets
3
360
Tangible assets
4
10,775
11,135
Current assets
Stocks
29,205
Debtors
5
137,449
Cash at bank and in hand
22
166,676
Creditors: amounts falling due within one year
6
(219,342)
Net current liabilities
(52,666)
Net liabilities
(41,531)
Capital and reserves
Called up share capital
7
1
Profit and loss reserves
(41,532)
Total equity
(41,531)

For the financial period ended 30 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 10 October 2025 and are signed on its behalf by:
Mr M Nickkho-Amiry
Director
Company registration number 15075402 (England and Wales)
LP SD ONE HUNDRED TWENTY EIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 OCTOBER 2024
- 2 -
1
Accounting policies
Company information

LP SD One Hundred Twenty Eight Limited is a private company limited by shares incorporated in England and Wales. The registered office is Two Four Nine North Lynnfield House, Church Street, Altrincham, United Kingdom, WA14 4DZ.

1.1
Reporting period

The entity extended the reporting period from 31 August to 30 October in line with other group and related entities. The 15 month period reported to 30 October 2024 will therefore not wholly be comparable to future 12 month years.

1.2
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.3
Going concern

At the balance sheet date, the company had net liabilities of £41,531. The directors have confirmed that they will continue to provide financial support to the company until such time that the financial position improves. The directors therefore consider it appropriate to prepare the financial statements on a going concern basis.true

1.4
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

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.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

LP SD ONE HUNDRED TWENTY EIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 OCTOBER 2024
1
Accounting policies
(Continued)
- 3 -

Amortisation 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:

Software
25% reducing balance
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:

Leasehold improvements
10% straight line
Plant and equipment
15% straight line
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance

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
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.

1.8
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. Bank overdrafts are shown within borrowings in current liabilities.

1.9
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.

1.10
Retirement benefits

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

LP SD ONE HUNDRED TWENTY EIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 OCTOBER 2024
- 4 -
2
Employees

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

2024
Number
Total
2

LP DS One Hundred Twenty Eight Limited does not employ any staff. All staff are employed by a related entity, Barrie Dear Limited, with wages and other employment costs being recharged to the reporting entity.

3
Intangible fixed assets
Software
£
Cost
At 16 August 2023
-
0
Additions
397
At 30 October 2024
397
Amortisation and impairment
At 16 August 2023
-
0
Amortisation charged for the period
37
At 30 October 2024
37
Carrying amount
At 30 October 2024
360
LP SD ONE HUNDRED TWENTY EIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 OCTOBER 2024
- 5 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 16 August 2023
-
0
-
0
-
0
-
0
-
0
Additions
1,273
1,734
3,353
6,500
12,860
At 30 October 2024
1,273
1,734
3,353
6,500
12,860
Depreciation and impairment
At 16 August 2023
-
0
-
0
-
0
-
0
-
0
Depreciation charged in the period
88
214
452
1,331
2,085
At 30 October 2024
88
214
452
1,331
2,085
Carrying amount
At 30 October 2024
1,185
1,520
2,901
5,169
10,775
5
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
68,947
Corporation tax recoverable
270
Other debtors
61,540
Prepayments and accrued income
6,692
137,449
6
Creditors: amounts falling due within one year
2024
£
Trade creditors
141,476
Amounts owed to group undertakings
45,543
Corporation tax
270
Other creditors
27,829
Accruals and deferred income
4,224
219,342
7
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
1
1
LP SD ONE HUNDRED TWENTY EIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 OCTOBER 2024
- 6 -
8
Contingent Asset

The implementation of a new computerised NHS system has resulted in delays and discrepancies in the recovery of prescription charge income by the company. The NHS has formally acknowledged the existence of these system-related issues and has confirmed that remedial action is ongoing to rectify the deficiencies and correct the errors identified.

The items being submitted each month do not match with the amounts reimbursed by the NHS. Whilst the volumes submitted are being acknowledged, the values reimbursed do not reconcile with the payments received. The company incurs the cost of purchasing these medicines and supplying them to patients in good faith on the understanding that it will be reimbursed correctly; however, this has not been the case. As the NHS does not provide a precise value for each unpaid item, the company has estimated the shortfall by applying the average ingredient cost to the number of items underpaid. The directors consider this methodology to provide the most reliable estimate of the income ultimately recoverable.

On this basis, the directors have determined that the value of prescription income subject to recovery amounted to £119,146 at the balance sheet date. It remains the directors’ view that all prescriptions were administered in accordance with the required standards, and accordingly that the related income will be recovered in full. Resolution of this matter is anticipated by late 2025 or early 2026, at which point the directors expect settlement of the outstanding amounts by the NHS.

9
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
Amounts due to related parties
£
Parent undertakings
141,043
Other related parties
27,829
10
Parent company

The company is a subsidiary of Dears Stockbridge Limited, which is incorporated in Scotland. The registered office of the parent company is Norwood, 3 Beech Road, Lenzie, Glasgow, G66 4HN.

The parent company has taken exemption from preparing consolidated financial statements.

11
Charges

TSB Bank PLC has a floating charge over all the property or undertaking of the company.

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