Abbey Field Health Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 year. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

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

•	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.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Abbey Field Health Limited
for the Year Ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Abbey Field Health Limited for the year ended 31 March 2025 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of The Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance

This report is made solely to the Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Abbey Field Health Limited and state those matters that we have agreed to state to the Board of Directors, as a body, in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Abbey Field Health Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Abbey Field Health Limited. You consider that Abbey Field Health Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Abbey Field Health Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Brown, Scott & Main
Chartered Accountants
91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP

11 November 2025

Abbey Field Health Limited

(Registration number: 10652466)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	5	3,976	4,295
Tangible assets	6	436,245	270,439
		440,221	274,734
Current assets
Stock		79,000	73,214
Debtors	7	152,394	202,389
Cash at bank and in hand		131,653	556,013
		363,047	831,616
Creditors: Amounts falling due within one year	8	(243,748)	(344,931)
Net current assets		119,299	486,685
Total assets less current liabilities		559,520	761,419
Provisions for liabilities	9	(28,876)	(19,736)
Net assets		530,644	741,683
Capital and reserves
Called up share capital		90	90
Share premium reserve		147,967	147,967
Retained earnings		382,587	593,626
Shareholders' funds		530,644	741,683

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 November 2025 and signed on its behalf by:
 

......................................... Mr F T Gourlay Director

Abbey Field Health Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10-12 Barnes High Street
Barnes
London
SW13 9LW
England

The principal place of business is:
Ypres Road
Colchester
Essex
CO2 7UW
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared under the historical cost convention.

The presentation currency is sterling.

Turnover

Turnover represents sales of pharmaceutical products, excluding value added tax and net of discounts allowed, recognised when goods are despatched or provided to customers.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current corporation tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Tangible assets

Tangible fixed assets are stated at historic cost less accumulated depreciation and accumulated impairment losses.

Abbey Field Health Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Depreciation

Depreciation is provided at rates calculated so as to write off the cost less residual value of each asset over its expected useful life as follows:

Asset class	Depreciation method and rate
Plant and machinery	10% straight line
Fixtures and fittings	10% straight line
Office equipment	20% straight line
Leasehold improvements	5% straight line

Intangible assets

The company's intangible assets comprise a licence fee paid to obtain permission to operate the company's pharmacy. Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

The company's licence is amortised on the straight line basis over its estimated life of 20 years. This is a departure from the requirements of section 1A of FRS 102 which requires intangible assets to be amortised over a period not exceeding 10 years where it is not possible to make a reliable estimate of the useful life. The directors believe the company's licence has a lifespan longer than 10 years and consider 20 years is a more accurate period for amortisation of the licence.

If the licence had been amortised over 10 years the amortisation charge to the profit and loss account would have been £638 (2024 £638), resulting in a decrease in the profit of £319 (2024 £319).

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stock

Stock is stated at the lower of cost and net realisable value, and comprises pharmaceutical products for resale.

Leases

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme whose assets are held separately from those of the company in independently administered funds. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Abbey Field Health Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic Financial Assets
Basic financial assets, which include stock, 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 value rate of interest.Financial assets classified as receivable within one year are not amortised.

Basic Financial Liabilities
Basic financial liabilities, which include creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 16 (2024 - 15).

4

Taxation

The tax charge on the profit for the year was as follows:
	2025		2024
	£		£
UK corporation tax	37,041		52,007
Deferred tax	9,140		1,688
	46,181		53,695

5	Intangible assets

	Licence £	Total £
Cost
At 1 April 2024	6,381	6,381
At 31 March 2025	6,381	6,381
Amortisation
At 1 April 2024	2,086	2,086
Amortisation charge	319	319
At 31 March 2025	2,405	2,405
Carrying amount
At 31 March 2025	3,976	3,976
At 31 March 2024	4,295	4,295

Abbey Field Health Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

6	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost
At 1 April 2024	224,220	180,407	404,627
Additions	135,420	54,194	189,614
At 31 March 2025	359,640	234,601	594,241
Depreciation
At 1 April 2024	34,898	99,290	134,188
Charge for the year	5,783	18,025	23,808
At 31 March 2025	40,681	117,315	157,996
Carrying amount
At 31 March 2025	318,959	117,286	436,245
At 31 March 2024	189,322	81,117	270,439

7

Debtors

	2025 £	2024 £
Trade debtors	126,632	145,839
Loan balance due from related company	-	27,000
Prepayments	3,650	4,259
Other debtors	22,112	25,291
	152,394	202,389

The loan balance of £27,000 comprises the amount advanced by the company to Wellbeing Pharmacies Limited in the previous year. The loan was interest free and was repaid in full during the year to 31 March 2025. Further details of related parties and transactions are provided at note 10.

Abbey Field Health Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

8

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Trade creditors	192,659	279,664
Taxation and social security	44,208	57,067
Accruals and deferred income	5,902	7,029
Other creditors	979	1,171
	243,748	344,931