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REGISTERED NUMBER: 06521783

PHARMACY CARE PLUS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page |

Strategic Report | 1 |

Report of the Directors | 3 |

Report of the Independent Auditors | 5 |

Statement of Comprehensive Income | 8 |

Balance Sheet | 9 |

Statement of Changes in Equity | 10 |

Cash Flow Statement | 11 |

Notes to the Cash Flow Statement | 12 |

Notes to the Financial Statements | 14 |

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

This has been another challenging year for the pharmacy sector. The continuation of a flat monetary settlement in NHS for pharmacy finally ended post year end in April 2025, with an effective settlement of approximately +15%, which was good news but at the same time employers' National Insurance was raised significantly, a new national minimum wage of £12.21/hr (+6.7%) was set, and higher business rates (+10% for Pharmacy Care Plus) were imposed. These adverse factors effectively neutralised the negotiated rise for the pharmacy sector.

The announcement of increased funding was made against a backdrop where other health care settlements have been large and positive. Clearly these data imply the need for targets for efficiency improvements in all pharmacies, if they are to survive. The directors will continue to consider measures to mitigate the adverse effects on the company's profit.

Turnover for Pharmacy Care Plus Limited (the company) for the year was £11,301,005 (2023: £12,845,585).

The company's bank borrowing decreased to £326,907 from £1,421,250 with other debt facilities increasing to £1,772,517 from £1,676,581 over the year. The gearing of the company, measured by total borrowing over total assets, was 34.72% (2023: 39.68%). This decrease was driven by the decrease in bank borrowing as a result of the sale of pharmacies in the year. On the 14th April 25 a further pharmacy was sold.

The company has passed all regulatory inspections by regulatory bodies including the General Pharmaceutical Council (GPhC), Medicines Health Regulatory Authority (MHRA), Home Office and National Health Service England (NHSE).

FUTURE DEVELOPMENTS

The company operated seven pharmacies, reducing to six post year end in the reporting period and will continue to optimise the company by working on gross margin and efficiency improvements.

The directors continue to investigate potential acquisitions and relocations across the estate.

Following the year end the company disposed of a further pharmacy and reduced the banking facility to £144,301 as of September 2025.

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES

In the opinion of the directors, the chief risks to the company are that:

- |  | The regulatory regime relating to pharmacies may change to the detriment of the company. |

- |  | The framework and details of the Government's funding of pharmaceutical services in the UK, upon which the company is largely reliant, may be subjected to changes. |

- |  | The NHS overall and the pharmacy sector within it are undergoing a multi-year period of turbulent change and, therefore, moves and initiatives by the company's pharmacy competitors are a continual feature for consideration in nearly all pharmacy neighbourhoods. Surgery moves and reorganisations, which may occur within the bigger NHS GP services framework or as individually driven projects, are also frequent and pose both opportunity and threat to the company's financial performance. |

- |  | The NHS is the primary source of income for the Pharmacy sector. |

- |  | The impact of Brexit on the pharmaceutical sector, which relies on considerable import/export trade, is still negative. |

- |  | Distance Selling Pharmacy (Internet) applications constitute an exempt category and are currently still numerous nationally, although it is now no longer possible to set up an exempt application. The directors wish to assure investors that the company will continue to attempt vigorously to take advantage of opportunities that present in this fashion whatever their precise nature. Equally, it will defend businesses to the best of its ability in order to minimise adverse effects of competitive threats, but investors should note that the emergence of such activity is highly likely at various locations during the lifetime of the company. |

- |  | All the company's EIS investments were made over 3 years ago. An outcome that is strategically beneficial for the company may not necessarily be optimal for individual EIS investors. |

- |  | The company's plan depends in part on the availability of (and hence its ability to open) new sites. The availability of suitable new sites depends on many factors beyond the directors' control. |

- |  | The company cannot be certain of its future financing needs or that suitable financing will be available in amounts or on terms acceptable to the directors. |

- |  | Increases in long term interest rates and levels of amortisation imposed by the company's bankers may also have an adverse effect on the company's profitability. |

STRATEGIC MATTERS OF IMPORTANCE

The company is continuing to embrace the national roll out of the Electronic Prescription System, which allows patients to nominate the company's branches as their automatic pharmacy of choice for the dispensing of their prescriptions. Currently nearly three quarters of prescription items dispensed by the group are on electronic prescriptions. The directors are also placing emphasis on training employees and ensuring delivery of excellent service to patients and the good presentation of pharmacy premises, in order to satisfy the inspection standards for pharmacy operations set by the General Pharmaceutical Council.

Supplier relationships and negotiations, which allow good purchasing opportunities for the company, are also vital and are a continued area of exploration and focus for the directors. Increasingly efficient operation of the company's pharmaceutical buying system is also seen as a key driver of financial success in the year ahead.

ON BEHALF OF THE BOARD:

D Shah - Director

16 October 2025

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of operating various pharmacy outlets.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

R G Andrew

D Shah

M Niblock

FINANCIAL INSTRUMENTS

The company has adopted the disclosure and presentational requirements of FRS 102. When a financial asset or liability is disclosed initially it is measured at its fair value plus or minus transaction costs and subsequently at the undiscounted cash or other consideration expected to be paid or received. The company regularly monitors its exposure to risks including pricing, credit, liquidity and cash flow.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with Section 414C(11) Companies Act 2006 to set out in the company's Strategic Report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors' Report. It has done so in respect of future developments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors, the Strategic Report and the financial statements in accordance with applicable laws 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 the affairs of the company and of the profit and 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; |

- |  | state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements; |

- |  | 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.

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

D Shah - Director

16 October 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PHARMACY CARE PLUS LIMITED

Opinion

We have audited the financial statements of Pharmacy Care Plus Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 Auditors' 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.

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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PHARMACY CARE PLUS LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or 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; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- |  | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |

- |  | we identified the laws and regulations applicable to the company through discussions with directors and other management and from our knowledge of the retail sector; |

- |  | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, FRS102, taxation legislation and Sale of Goods Act. We also considered those laws and regulations having an indirect impact but nonetheless significant, including, GDPR, anti-bribery, employment, environmental and health and safety legislation; |

- |  | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |

- |  | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- |  | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |

- |  | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PHARMACY CARE PLUS LIMITED

Auditors' responsibilities for the audit of the financial statements - continued

To address the risk of fraud through management bias and override of controls, we:

- |  | performed analytical procedures to identify any unusual or unexpected relationships; |

- |  | tested journal entries to identify unusual transactions; |

- |  | assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicative of potential bias; and |

- |  | investigated the rationale behind significant or unusual transactions. |

In assessing the risk of material misstatements due to fraud in relation to revenue recognition, we:

- |  | performed analytical procedures to identify unusual or unexpected relationships; |

- |  | performed walkthrough tests and substantive sample testing; and |

- |  | carried out cut off testing to ensure revenue recognised in the correct period. |

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- |  | agreeing financial statement disclosures to underlying supporting documentation; |

- |  | enquiring of management as to actual and potential litigation and claims; and |

- |  | reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. |

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Gavin Curr FCCA (Senior Statutory Auditor)

for and on behalf of Armstrong Watson Audit Limited

Chartered Accountants & Statutory Auditors

Caledonia House

89 Seaward Street

Glasgow

G41 1HJ

16 October 2025

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

TURNOVER | 3 | 11,301,005 |  | 12,845,585 |  |

Cost of sales | 8,315,680 |  | 9,099,742 |  |

GROSS PROFIT | 2,985,325 |  | 3,745,843 |  |

Administrative expenses | 3,357,918 |  | 4,314,050 |  |

(372,593 | ) | (568,207 | ) |

Other operating income | 4 | 26,335 |  | 29,348 |  |

OPERATING LOSS | 6 | (346,258 | ) | (538,859 | ) |

Interest payable and similar expenses | 7 | 297,038 |  | 268,471 |  |

LOSS BEFORE TAXATION | (643,296 | ) | (807,330 | ) |

Tax on loss | 8 | - |  | - |  |

LOSS FOR THE FINANCIAL YEAR | (643,296 | ) | (807,330 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (643,296 | ) | (807,330 | ) |

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

BALANCE SHEET

31 DECEMBER 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 3,600,228 |  | 4,372,375 |  |

Tangible assets | 10 | 290,879 |  | 332,242 |  |

Investments | 11 | 410 |  | 410 |  |

3,891,517 |  | 4,705,027 |  |

CURRENT ASSETS

Stocks | 12 | 575,196 |  | 754,598 |  |

Debtors | 13 | 1,493,116 |  | 1,731,407 |  |

Cash at bank and in hand | 87,716 |  | 640,946 |  |

2,156,028 |  | 3,126,951 |  |

CREDITORS

Amounts falling due within one year | 14 | 3,727,389 |  | 3,826,801 |  |

NET CURRENT LIABILITIES | (1,571,361 | ) | (699,850 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,320,156 |  | 4,005,177 |  |

CREDITORS

Amounts falling due after more than one year | 15 | - |  | 1,041,725 |  |

NET ASSETS | 2,320,156 |  | 2,963,452 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 4,974,002 |  | 4,974,002 |  |

Share premium | 20 | 880,087 |  | 880,087 |  |

Share option reserve | 20 | 280,235 |  | 280,235 |  |

Retained earnings | 20 | (3,814,168 | ) | (3,170,872 | ) |

SHAREHOLDERS' FUNDS | 2,320,156 |  | 2,963,452 |  |

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

D Shah - Director

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

| Called up |  | Share |

| share |  | Retained |  | Share |  | option |  | Total

| capital |  | earnings |  | premium |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 January 2023 | 4,974,002 |  | (2,363,542 | ) | 880,087 |  | 280,235 |  | 3,770,782 |  |

Changes in equity

Total comprehensive income | - |  | (807,330 | ) | - |  | - |  | (807,330 | ) |

Balance at 31 December 2023 | 4,974,002 |  | (3,170,872 | ) | 880,087 |  | 280,235 |  | 2,963,452 |  |

Changes in equity

Total comprehensive income | - |  | (643,296 | ) | - |  | - |  | (643,296 | ) |

Balance at 31 December 2024 | 4,974,002 |  | (3,814,168 | ) | 880,087 |  | 280,235 |  | 2,320,156 |  |

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (267,378 | ) | (571,849 | ) |

Interest paid | (295,762 | ) | (264,768 | ) |

Interest element of hire purchase payments paid | (1,276 | ) | (3,703 | ) |

Net cash from operating activities | (564,416 | ) | (840,320 | ) |

Cash flows from investing activities

Purchase of property plant and equipment | (3,134 | ) | (29,260 | ) |

Sale of intangible fixed assets | 1,014,842 |  | - |  |

Sale of property plant and equipment | 7,408 |  | - |  |

Net cash from investing activities | 1,019,116 |  | (29,260 | ) |

Cash flows from financing activities

New loans in year | 95,937 |  | 988,345 |  |

Loan repayments in year | (1,094,343 | ) | (212,063 | ) |

Capital repayments in year | (9,524 | ) | (39,076 | ) |

Net cash from financing activities | (1,007,930 | ) | 737,206 |  |

Decrease in cash and cash equivalents | (553,230 | ) | (132,374 | ) |

Cash and cash equivalents at beginning of year | 2 | 640,946 |  | 773,320 |  |

Cash and cash equivalents at end of year | 2 | 87,716 |  | 640,946 |  |

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2024 |  | 2023

£ | £ |

| Loss before taxation | (643,296 | ) | (807,330 | ) |

| Depreciation charges | 37,090 |  | 78,686 |  |

| Amortisation charges | 469,288 |  | 498,888 |  |

| Profit on disposal of goodwill | (711,983 | ) | - |  |

| Finance costs | 297,038 |  | 268,471 |  |

(551,863 | ) | 38,715 |  |

| Decrease in stocks | 179,402 |  | 49,723 |  |

| Decrease/(increase) in trade and other debtors | 238,291 |  | (120,917 | ) |

| Decrease in trade and other creditors | (133,208 | ) | (539,370 | ) |

| Cash generated from operations | (267,378 | ) | (571,849 | ) |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 87,716 |  | 640,946 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 640,946 |  | 773,320 |  |

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.1.24 | Cash flow | At 31.12.24

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 640,946 |  | (553,230 | ) | 87,716 |  |

640,946 |  | (553,230 | ) | 87,716 |  |

| Debt

| Finance leases | (9,524 | ) | 9,524 |  | - |  |

| Debts falling due within 1 year | (2,056,106 | ) | (43,318 | ) | (2,099,424 | ) |

| Debts falling due after 1 year | (1,041,725 | ) | 1,041,725 |  | - |  |

(3,107,355 | ) | 1,007,931 |  | (2,099,424 | ) |

| Total | (2,466,409 | ) | 454,701 |  | (2,011,708 | ) |

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | STATUTORY INFORMATION

| Pharmacy Care Plus Limited is a private company, limited by shares, incorporated in England. The company's registered number is 06521783 and the registered office is No 2 The Courtyard Suite M, Earl Road Stanley Green, Cheadle Hulme, Cheshire, SK8 6GN.

| The financial statements are presented in Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

| Going concern

| The financial statements have been prepared on a going concern basis. The validity of this however is dependent on continued support from creditors. If support was to be withdrawn, adjustments may have to be made to reduce the value of the assets to their recoverable amount and to provide for any further liabilities that may arise. After reviewing the company's forecasts, the directors have a reasonable expectation that the company has sufficient resources to continue in operational existence for the foreseeable future. The directors therefore continue to adopt the going concern basis in preparing the financial statements of the company.

| Preparation of consolidated financial statements

| The financial statements contain information about Pharmacy Care Plus Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under section 405 of the Companies Act 2006 not to prepare consolidated financial statements.

| Critical accounting judgements

| The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there to be no such judgements.

| Provisions

| Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Key sources of estimation uncertainty

| In the application of the company's accounting policies, the directors are required to make estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

| The directors consider the key sources of estimation uncertainty to be as follows: -

| - Tangible fixed assets are depreciated over their estimated useful lives. The actual lives of the assets are assessed annually and may vary depending on several factors. In re-assessing asset lives, factors such as usage and maintenance programmes are taken into account. The directors assessed that no changes were required to the estimated useful lives of the tangible fixed assets and therefore, determined that the stated depreciation policies applied in prior years remain appropriate.

| - At the balance sheet date, the directors consider whether there are any indicators that the trade debtor balances relating to goods supplied and services rendered will not be recoverable, to ensure an adequate provision is made for any potentially irrecoverable amounts. Based on their knowledge of the customers concerned, the directors consider that no provision is required against these balances.

| - Determination of the value of the NHS payments due at the balance sheet date in advance of receipt. In making this estimate, management apply an average price per item, by reference to issued CATM prices, together with an estimated number of items dispensed.

| Turnover

| Turnover comprises the net invoiced cost of goods and services, excluding value added tax.

| Turnover generated from the provision of goods and all services is recognised when the amounts are fixed and determinable and collectability is reasonably assured.

| Turnover generated from the provision of goods is recognised when substantively all the risks and rewards in connection with the goods have been passed to the buyer.

| Goodwill

| Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the balance sheet and amortised over its estimated useful life up to a maximum of 20 years. This length of time is presumed to be the maximum useful life of purchased goodwill because it is difficult to make projections beyond this period. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable.

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

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

| Freehold property | - | not provided

| Improvements to property | - | 10% on cost

| Fixtures and fittings | - | at varying rates on cost

| Motor vehicles | - | 25% on cost

| Fixed assets are included in the financial statements at cost less accumulated depreciation and impairment.

| Impairment of non-financial assets

| At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

| Stocks

| Stocks are valued at the lower of cost and estimated selling price less costs to sell.

| Financial instruments

| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.

| Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

| Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

| Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

| The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

| With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

| Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

| Operating lease commitments

| Rentals paid and received under operating leases are charged/credited to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme and also makes contributions to individual arrangements which are of a money purchase nature. Contributions payable to the company's pension scheme and the individual arrangements are charged to the profit and loss account in the period to which they relate.

| Share-based payments

| Share based payments include share options granted to employees. The fair value of equity-settled share options is initially measured at grant date by reference to the fair value of the equity instrument granted. For cash-settled share based payments, the fair value of the liability incurred is measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit and loss for the period. Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the profit or loss over the vesting period.

| Employee benefits

| Short term employee benefits are recognised as an expense in the period in which they are incurred.

3. | TURNOVER

| The turnover and loss before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by geographical market is given below:

| 2024 |  | 2023

£ | £ |

| United Kingdom | 11,301,005 |  | 12,845,585 |  |

11,301,005 |  | 12,845,585 |  |

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

4. | OTHER OPERATING INCOME

| 2024 |  | 2023

£ | £ |

| Rents received | 18,835 |  | 21,848 |  |

| Management fee | 7,500 |  | 7,500 |  |

26,335 |  | 29,348 |  |

5. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 1,951,228 |  | 2,180,263 |  |

| Social security costs | 180,441 |  | 188,944 |  |

| Other pension costs | 27,807 |  | 41,457 |  |

2,159,476 |  | 2,410,664 |  |

| The average number of employees during the year was as follows:

| 2024 |  | 2023

| Directors | 3 |  | 3 |  |

| Administration | 2 |  | 2 |  |

| Pharmacy staff | 78 |  | 82 |  |

| Pharmacists | 3 |  | 3 |  |

| Managers | 8 |  | 9 |  |

| Warehouse | 1 |  | 1 |  |

95 |  | 100 |  |

| 2024 |  | 2023

£ | £ |

| Directors' remuneration | 287,660 |  | 235,000 |  |

| Directors' pension contributions to money purchase schemes | (5,523 | ) | 7,007 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 3 |  | 3 |  |

| Information regarding the highest paid director is as follows:

| 2024 |  | 2023

£ | £ |

| Emoluments etc | 132,660 |  | 80,000 |  |

| Pension contributions to money purchase schemes | (9,951 | ) | 2,579 |  |

| Remuneration paid to key management personnel in the period was £282,137(2023: £242,754).

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

6. | OPERATING LOSS

| The operating loss is stated after charging/(crediting):

| 2024 |  | 2023

£ | £ |

| Other operating leases | 209,206 |  | 209,407 |  |

| Depreciation - owned assets | 37,089 |  | 78,686 |  |

| Profit on disposal of fixed assets | (711,983 | ) | - |  |

| Goodwill amortisation | 469,288 |  | 498,888 |  |

| Auditors' remuneration | 9,879 |  | 7,216 |  |

| Auditors' remuneration for non audit work | 450 |  | 1,600 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2024 |  | 2023

£ | £ |

| Bank loan interest | 74,629 |  | 106,479 |  |

| Other interest | 221,133 |  | 158,289 |  |

| Hire purchase | 1,276 |  | 3,703 |  |

297,038 |  | 268,471 |  |

8. | TAXATION

| Analysis of the tax charge

| No liability to UK corporation tax arose for the year ended 31 December 2024 nor for the year ended 31 December 2023.

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2024 |  | 2023

£ | £ |

| Loss before tax | (643,296 | ) | (807,330 | ) |

| Loss multiplied by the standard rate of corporation tax in the UK of 19% (2023 - 19%) | (122,226 | ) | (153,393 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 13,456 |  | (2,333 | ) |

| Depreciation in excess of capital allowances | 6,330 |  | 11,107 |  |

| Gain on sale of assets | (135,277 | ) | - |  |

| Gross chargeable gains | 121,529 |  | - |  |

| Losses carried forward | 116,188 |  | 144,619 |  |

| Total tax charge | - |  | - |  |

| At the year end, tax losses on trading activities carried forward were £3,264,779 (2023: £2,653,265)

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

9. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 January 2024 | 9,977,761 |  |

| Disposals | (1,200,000 | ) |

| At 31 December 2024 | 8,777,761 |  |

| AMORTISATION

| At 1 January 2024 | 5,605,386 |  |

| Amortisation for year | 469,288 |  |

| Eliminated on disposal | (897,141 | ) |

| At 31 December 2024 | 5,177,533 |  |

| NET BOOK VALUE

| At 31 December 2024 | 3,600,228 |  |

| At 31 December 2023 | 4,372,375 |  |

| Goodwill arose on acquisitions of businesses in 2009, 2010, 2012 and 2015 and is being amortised over a period of 20 years. The goodwill figure arises as the amount paid for the businesses exceeds the separable value of assets acquired.

10. | TANGIBLE FIXED ASSETS

| Improvements |  | Fixtures |

| Freehold |  | to |  | and |  | Motor |

| property |  | property |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2024 | 200,000 |  | 35,548 |  | 869,576 |  | 4,924 |  | 1,110,048 |  |

| Additions | - |  | - |  | 3,134 |  | - |  | 3,134 |  |

| Disposals | - |  | (3,268 | ) | (16,094 | ) | - |  | (19,362 | ) |

| At 31 December 2024 | 200,000 |  | 32,280 |  | 856,616 |  | 4,924 |  | 1,093,820 |  |

| DEPRECIATION

| At 1 January 2024 | - |  | 35,548 |  | 737,334 |  | 4,924 |  | 777,806 |  |

| Charge for year | - |  | (1,578 | ) | 38,667 |  | - |  | 37,089 |  |

| Eliminated on disposal | - |  | (2,628 | ) | (9,326 | ) | - |  | (11,954 | ) |

| At 31 December 2024 | - |  | 31,342 |  | 766,675 |  | 4,924 |  | 802,941 |  |

| NET BOOK VALUE

| At 31 December 2024 | 200,000 |  | 938 |  | 89,941 |  | - |  | 290,879 |  |

| At 31 December 2023 | 200,000 |  | - |  | 132,242 |  | - |  | 332,242 |  |

| Included in cost of freehold property is freehold land of £200,000 (2023: £200,000) which is not depreciated.

| At the balance sheet date, assets held under hire purchase contracts had a net book value of £Nil (2023: £12,987).

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

11. | FIXED ASSET INVESTMENTS

| The shares in St Annes Pharmacy Limited, a dormant subsidiary company, have not been written off and are disclosed at their nominal value of £100.

| The shares in Triangle Health Care Limited, a dormant subsidiary company, have not been written off and are disclosed at their nominal value of £110.

| The shares in Birchill & Watson Company Limited, a dormant subsidiary company, have not been written off and are disclosed at their nominal value of £100.

| The shares in Healthcare Wholesale Ltd, a dormant subsidiary company, have not been written off and are disclosed at their nominal value of £100.

| The above companies are registered at No 2 The Courtyard Suite M, Earl Road Cheadle Hulme, Cheadle, Cheshire, SK8 6GN.

12. | STOCKS

2024 | 2023 |

£ | £ |

| Goods for re-sale | 575,196 |  | 754,598 |  |

| Stock recognised in cost of sales during the period as an expense was £8,029,951 (2023: £9,050,019).

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

2024 | 2023 |

£ | £ |

| Trade debtors | 82,163 |  | 237,754 |  |

| Other debtors | 9,299 |  | - |  |

| NHS debtor | 821,595 |  | 892,686 |  |

| VAT | 256,487 |  | 244,650 |  |

| Prepayments | 323,572 |  | 356,317 |  |

1,493,116 |  | 1,731,407 |  |

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

2024 | 2023 |

£ | £ |

| Bank loans and overdrafts (see note 16) | 326,907 |  | 379,525 |  |

| Other loans (see note 16) | 1,772,517 |  | 1,676,581 |  |

| Hire purchase contracts (see note 17) | - |  | 9,524 |  |

| Trade creditors | 1,555,966 |  | 1,477,483 |  |

| Social security and other taxes | 44,466 |  | 51,902 |  |

| Other creditors | (6,311 | ) | 11,525 |  |

| Accruals and deferred income | 33,844 |  | 220,261 |  |

3,727,389 |  | 3,826,801 |  |

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

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

2024 | 2023 |

£ | £ |

| Bank loans (see note 16) | - |  | 1,041,725 |  |

16. | LOANS

| An analysis of the maturity of loans is given below:

2024 | 2023 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 326,907 |  | 379,525 |  |

| Invoice factoring | 1,772,517 |  | 1,676,581 |  |

2,099,424 |  | 2,056,106 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | - |  | 391,437 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | - |  | 650,288 |  |

17. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2024 | 2023 |

£ | £ |

| Net obligations repayable:

| Within one year | - |  | 9,524 |  |

| Non-cancellable |

| operating leases |

2024 | 2023 |

£ | £ |

| Within one year | 122,544 |  | 158,155 |  |

| Between one and five years | 351,023 |  | 496,941 |  |

| In more than five years | 99,988 |  | 282,396 |  |

573,555 |  | 937,492 |  |

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

18. | SECURED DEBTS

| The following secured debts are included within creditors:

2024 | 2023 |

£ | £ |

| Bank loans | 326,907 |  | 1,421,250 |  |

| Hire purchase contracts | - |  | 9,524 |  |

326,907 |  | 1,430,774 |  |

| HSBC holds a fixed and floating charge over the whole assets of the company in respect of a bank term loan provided to the company.

| Hire purchase liabilities are secured over the assets to which they relate.

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 100 | Ordinary 'A' | £1 | 100 |  | 100 |  |

| 4,973,902 | Ordinary 'B' | £1 | 4,973,902 |  | 4,973,902 |  |

4,974,002 |  | 4,974,002 |  |

| The rights attached to the Ordinary shares shall be determined from time to time in meetings by the directors.

20. | RESERVES

| Share |

| Retained |  | Share |  | option |

| earnings |  | premium |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 January 2024 | (3,170,872 | ) | 880,087 |  | 280,235 |  | (2,010,550 | ) |

| Deficit for the year | (643,296 | ) | (643,296 | ) |

| At 31 December 2024 | (3,814,168 | ) | 880,087 |  | 280,235 |  | (2,653,846 | ) |

21. | PENSION COMMITMENTS

| The company operates a defined contribution pension scheme on behalf of the employees of the company. The assets of the scheme are held separately from those of the company in independently administered funds. Contributions are also made to individual arrangements which are of a money purchase nature.

| A total of £27,807 (2023: £41,457) has been charged to the profit and loss account on the basis of contributions paid in the year. A balance of £Nil (2023: £5,051) was due by the company at the balance sheet date.

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

22. | RELATED PARTY DISCLOSURES

| The company is jointly controlled by the directors, R G Andrew and D Shah, who also control the subsidiaries listed in note 11.

| At the year end, £2,151 was due from D Shah (2023: £2,151) and £995 due to R G Andrew (2023: £1,193).

| During the year, the company leased properties from Pharma Properties LLP at an arms length rent of £111,688 (2023: £100,139) of which £61,177 (2023: £40,409) was outstanding and included in creditors. This amount is considered interest free on normal commercial repayment terms.

| During the year, a management fee was charged of £7,500 (2023: £7,500) to Pharma Properties LLP. At the year end, a balance of £6,000 (2023: £6,000) was due by the LLP and is included in debtors.

| R G Andrew and D Shah are designated members of Pharma Properties LLP. Bank loan facilities of Pharmacy Care Plus Limited are secured against properties owned by Pharma Properties LLP.

23. | POST BALANCE SHEET EVENTS

| Following the balance sheet date, but before the date of signing these financial statements, the sale of one division of the company was concluded. No adjustment is required to these financial statements and this disposal will be reported within the financial statements for the subsequent accounting period.