Fountain Rx Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

1. General Information

Fountain Rx Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12875117 . The registered office is 23 Middleton Park Circus, Middleton, Leeds, West Yorkshire, England, LS10 4LX.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of 20 years.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings	25% reducing balance
Computer Equipment	33.33% straight line method

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.6. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.

...CONTINUED

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Fountain Rx Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2024

2.6. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 7 (2023: 5)

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 November 2023	268,494

As at 31 October 2024	268,494

Amortisation
As at 1 November 2023	39,862
Provided during the period	13,425

As at 31 October 2024	53,287

Net Book Value
As at 31 October 2024	215,207

As at 1 November 2023	228,632

5. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 November 2023	3,730	17,257	20,987

As at 31 October 2024	3,730	17,257	20,987

Depreciation
As at 1 November 2023	1,781	8,747	10,528
Provided during the period	488	3,584	4,072

As at 31 October 2024	2,269	12,331	14,600

Net Book Value
As at 31 October 2024	1,461	4,926	6,387

As at 1 November 2023	1,949	8,510	10,459

6. Stocks

	2024	2023
	£	£
Finished goods	47,546	35,003

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Fountain Rx Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2024

7. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	77,538	115,286
Prepayments and accrued income	4,251	5,881
Other debtors	22,040	22,005
VAT	10,283	13,731
Other taxes and social security	18,465	-

	132,577	156,903

8. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	216,443	148,890
Bank loans and overdrafts	4,594	-
Other taxes and social security	-	1,600
Other creditors	137,901	113,374
Accruals and deferred income	2,760	3,440
Directors' loan accounts	215,700	199,700
Amounts owed to group undertakings	40,421	129,627

	617,819	596,631

9. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	100	100

10. Related Party Transactions

Gidi Solutions Limited

Shares a director with Fountain RX Limited

As at the balance sheet date, the amount due to Gidi Solutions Limited was £2,275 (2023: £2,275). There are no fixed repayment terms and no interest is charged on the loan.

MidRX Group Limited

Shares a director with Fountain RX Limited

As at the balance sheet date, the amount owed by MidRX Group Limited £34,729 (2023: £nil). There are no fixed repayment terms and no interest is charged on the loan.

Saxel Limited

Shares a director with Fountain RX Limited

As at the balance sheet date, the amount due to Saxel Limited £4,886 (2023: £nil). There are no fixed repayment terms and no interest is charged on the loan.

SA2 Limited

Shares a director with Fountain RX Limited

As at the balance sheet date, the amount due to SA2 Limited was £67,989 (2023: £127,352). There are no fixed repayment terms and no interest is charged on the loan.

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		215,207		228,632
Tangible Assets	5		6,387		10,459

			221,594		239,091
CURRENT ASSETS
Stocks	6	47,546		35,003
Debtors	7	132,577		156,903
Cash at bank and in hand		1,051		4,060

		181,174		195,966
Creditors: Amounts Falling Due Within One Year	8	(617,819 )		(596,631 )

NET CURRENT ASSETS (LIABILITIES)			(436,645 )		(400,665 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(215,051 )		(161,574 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(1,597 )		(2,615 )

NET LIABILITIES			(216,648 )		(164,189 )

CAPITAL AND RESERVES
Called up share capital	9		100		100
Profit and Loss Account			(216,748 )		(164,289 )

SHAREHOLDERS' FUNDS			(216,648)		(164,189)

Solomon Abuede Director	Emmanuel Fowode Director
22/10/2025