Company registration number SC361420 (Scotland)
WEB PHARMACY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
WEB PHARMACY LIMITED
COMPANY INFORMATION
Directors
Mr A Cruickshank
Mr N Wicks
Company number
SC361420
Registered office
Unit 79-81
Bandeath Industrial Estate
Throsk
Stirling
FK7 7NP
Auditor
Thomson Cooper
3 Castle Court
Carnegie Campus
Dunfermline
Fife
KY11 8PB
Bankers
Bank of Scotland
167-201 Argyle Street
Glasgow
G2 8BU
Solicitors
Aberdein Considine
23 Port Street
Stirling
FK6 2EJ
WEB PHARMACY LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Balance Sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 24
WEB PHARMACY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 1 -

The directors present the strategic report for the year ended 28 February 2025.

Fair review of the business

This year has proved to be another strong year of trading as shown in the financial results reported. Turnover has continued to improve during the year.

This year has shown improved margins which are attributed to maintaining the core business and the effective execution of a buying strategy.

Since the year end the company has continued to grow.

Principal risks and uncertainties

The directors are ultimately responsible for the system of internal controls, which cover all aspects of the business, and for reviewing its effectiveness. However, any such system is designed to manage, rather than eliminate, the risk of failure to achieve the company's objectives. Therefore any system is only able to provide reasonable assurance, and not absolute assurance against material misstatement or loss. The directors regularly review the risks to which the company is exposed, as well as the operation and effectiveness of the system of internal controls. This is an ongoing process, involving the identification, evaluation and management of significant risks faced by the company.

Risks are assessed on a regular basis across all areas but, in particular, health and safety, information flow, asset protection and regulatory requirements.

Key performance indicators

The key financial indicators used by the directors are detailed as follows:-

|  | 20 25 | 20 24 | 20 23
|  | £'000's | £'000's | £'000's
Turnover |  | 14,516 | 13,657 | 12,020
Gross profit |  | 5,279 | 4,816 | 4,144
EBITDA |  | 1,607 | 1,188 | 1,405

The directors also use a number of monthly non-financial metrics based around the NHS service provision to provide insight and assist with decision making within the company.

Mr N Wicks
Director
17 November 2025
WEB PHARMACY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 2 -

The directors present their annual report and financial statements for the year ended 28 February 2025.

Principal activities

The principal activity of the company continued to be that of dispensing chemist.

Directors

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

Mr A Cruickshank
Mr N Wicks
Results and dividends

The results for the year are set out on page 6.

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

Auditor

In accordance with the company's articles, a resolution proposing that Thomson Cooper be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

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

WEB PHARMACY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 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.

On behalf of the board
Mr N Wicks
Director
17 November 2025
WEB PHARMACY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WEB PHARMACY LIMITED
- 4 -
Opinion

We have audited the financial statements of Web Pharmacy Limited (the 'company') for the year ended 28 February 2025 which comprise the statement of comprehensive income, the statement of financial position, 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).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 28 February 2025 and of its profit 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 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.

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

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

- the information given in the strategic report and the directors' r eport 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.

WEB PHARMACY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WEB PHARMACY LIMITED
- 5 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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:

- 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 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.

Extent to which the audit was capable of detecting irregularities, including fraud

We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: existence and timing of recognition of income, posting of unusual journals along with complex transactions. We discussed these risks with management, designed audit procedures to test the timing and existence of revenue, tested a sample of journals to confirm they were appropriate and reviewed areas of judgement for indicators of management bias to address these risks.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by the auditing standards).

We reviewed the laws and regulations in areas that directly affect the financial statements including financial and taxation legislation and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the company.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

WEB PHARMACY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WEB PHARMACY LIMITED
- 6 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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.

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.

Sharon Collins (Senior Statutory Auditor)
For and on behalf of Thomson Cooper, Statutory Auditors
Dunfermline
18 November 2025
WEB PHARMACY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 7 -
2025
2024
Notes
£
£
Turnover
2
14,515,953
13,656,983
Cost of sales
(9,236,492)
(8,840,084)
Gross profit
5,279,461
4,816,899
Administrative expenses
(4,849,109)
(4,788,460)
Other operating income
274,350
218,629
Operating profit
3
704,702
247,068
Interest receivable and similar income
5
119,004
588
Interest payable and similar expenses
6
(547,099)
(352,364)
Fair value adjustment on investment properties
7
-
70,000
Profit/(loss) before taxation
276,607
(34,708)
Tax on profit/(loss)
8
(270,572)
(184,200)
Profit/(loss) for the financial year
6,035
(218,908)

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

WEB PHARMACY LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
9
2,783,730
3,573,172
Other intangible assets
9
1,079
1,079
Total intangible assets
2,784,809
3,574,251
Tangible assets
10
1,604,890
1,673,186
Investment properties
11
1,964,999
1,964,999
Investments
12
120,000
-
0
6,474,698
7,212,436
Current assets
Stocks
13
649,983
635,937
Debtors
14
1,635,691
1,496,654
Cash at bank and in hand
1,156,564
810,311
3,442,238
2,942,902
Creditors: amounts falling due within one year
15
(2,361,035)
(3,506,818)
Net current assets/(liabilities)
1,081,203
(563,916)
Total assets less current liabilities
7,555,901
6,648,520
Creditors: amounts falling due after more than one year
16
(6,341,751)
(5,462,408)
Provisions for liabilities
(46,095)
(24,092)
Net assets
1,168,055
1,162,020
Capital and reserves
Called up share capital
20
120
120
Profit and loss reserves
1,167,935
1,161,900
Total equity
1,168,055
1,162,020
The financial statements were approved by the board of directors and authorised for issue on 17 November 2025 and are signed on its behalf by:
Mr N Wicks
Director
Company Registration No. SC361420
WEB PHARMACY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 March 2023
120
1,380,808
1,380,928
Year ended 28 February 2024:
Loss and total comprehensive income
-
(218,908)
(218,908)
Balance at 28 February 2024
120
1,161,900
1,162,020
Year ended 28 February 2025:
Profit and total comprehensive income
-
6,035
6,035
Balance at 28 February 2025
120
1,167,935
1,168,055
WEB PHARMACY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 10 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
795,712
1,452,987
Interest paid
(547,099)
(352,364)
Income taxes paid
(232,331)
(157,746)
Net cash inflow from operating activities
16,282
942,877
Investing activities
Purchase of business
-
0
(710,425)
Purchase of tangible fixed assets
(44,675)
(30,060)
Proceeds from disposal of subsidiaries
(120,000)
-
0
Interest received
82,004
588
Dividends received
37,000
-
0
Net cash used in investing activities
(45,671)
(739,897)
Financing activities
Repayment of bank loans
375,642
(629,397)
Net cash generated from/(used in) financing activities
375,642
(629,397)
Net increase/(decrease) in cash and cash equivalents
346,253
(426,417)
Cash and cash equivalents at beginning of year
810,311
1,236,728
Cash and cash equivalents at end of year
1,156,564
810,311
WEB PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 11 -
1
Accounting policies
Company information

Web Pharmacy Limited is a private company limited by shares incorporated in Scotland. The registered office is Unit 79-81, Bandeath Industrial Estate, Throsk, Stirling, FK7 7NP.

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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Right Medicine Pharmacy Limited. These consolidated financial statements are available from its registered office, 79-81 Bandeath Industrial Estate, Throsk, Stirling, FK7 7NP.

1.2
Going concern

At the time of approving the financial statements, the directors expect that the true company has adequate resources to continue in operational existence for a period of not less than twelve months. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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.

WEB PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 12 -
1.4
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 10 years. Goodwill arising on group reorganisations is amortised over a 20 year period.

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.

1.5
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.

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
33% Straight Line
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:

Heritable Property
2% straight line
Plant and equipment
33% straight line
Fixtures and fittings
20% straight line
Equipment
33% straight line
Motor vehicles
33% straight line

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
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

WEB PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 13 -
1.8
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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.

1.9
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.

1.10
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.

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.

1.11
Cash at bank and in hand

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.

1.12
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 statement of financial position 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.

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.

WEB PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 14 -
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 and loans from fellow group companies 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

WEB PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 15 -
1.13
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.14
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 income statement 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 income statement, 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.

1.15
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.

1.16
Retirement benefits

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

1.17
Leases

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.

WEB PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 16 -
2
Turnover
2025
2024
£
£
Turnover analysed by class of business
Sales
14,515,953
13,656,983
3
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
7,500
7,916
Depreciation of owned tangible fixed assets
112,971
129,040
Amortisation of intangible assets
789,442
742,012
Operating lease charges
109,158
110,542
4
Employees

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

2025
2024
Number
Number
Administrative and pharmacy staff
83
86

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,753,738
2,690,638
Social security costs
212,009
183,742
Pension costs
53,652
45,578
3,019,399
2,919,958
WEB PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 17 -
5
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
82,004
-
0
Other interest income
-
0
588
Total interest revenue
82,004
588
Income from fixed asset investments
Income from shares in group undertakings
37,000
-
0
Total income
119,004
588
6
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
10,104
256,538
Other interest on financial liabilities
536,995
95,731
Other interest
-
0
95
547,099
352,364
7
Amounts written off investments
2025
2024
£
£
Changes in the fair value of investment properties
-
70,000
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
268,990
198,121
Adjustments in respect of prior periods
(20,421)
223
Total current tax
248,569
198,344
Deferred tax
Origination and reversal of timing differences
22,003
(14,144)
Total tax charge
270,572
184,200
WEB PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
8
Taxation
(Continued)
- 18 -

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

2025
2024
£
£
Profit/(loss) before taxation
276,607
(34,708)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
69,152
(8,677)
Tax effect of expenses that are not deductible in determining taxable profit
183,410
187,489
Effect of change in corporation tax rate
-
0
(3,574)
Permanent capital allowances in excess of depreciation
16,428
22,883
Under/(over) provided in prior years
(20,421)
223
Deferred tax adjustments in respect of prior years
22,003
(14,144)
Taxation charge for the year
270,572
184,200
9
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 29 February 2024 and 28 February 2025
8,398,451
3,450
8,401,901
Amortisation and impairment
At 29 February 2024
4,825,279
2,371
4,827,650
Amortisation charged for the year
789,442
-
0
789,442
At 28 February 2025
5,614,721
2,371
5,617,092
Carrying amount
At 28 February 2025
2,783,730
1,079
2,784,809
At 28 February 2024
3,573,172
1,079
3,574,251
WEB PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 19 -
10
Tangible fixed assets
Heritable Property
Plant and equipment
Fixtures and fittings
Equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 29 February 2024
1,747,893
29,424
366,648
220,651
88,968
2,453,584
Additions
-
0
-
0
19,128
25,547
-
0
44,675
At 28 February 2025
1,747,893
29,424
385,776
246,198
88,968
2,498,259
Depreciation and impairment
At 29 February 2024
225,516
29,423
256,520
185,255
83,684
780,398
Depreciation charged in the year
34,958
-
0
46,390
28,324
3,299
112,971
At 28 February 2025
260,474
29,423
302,910
213,579
86,983
893,369
Carrying amount
At 28 February 2025
1,487,419
1
82,866
32,619
1,985
1,604,890
At 28 February 2024
1,522,377
1
110,128
35,396
5,284
1,673,186
11
Investment property
2025
£
Fair value
At 29 February 2024 and 28 February 2025
1,964,999

Investment properties were valued by Christie & Co on 2 February 2024. The directors do not consider there to have been any material change in the value between the date of the valuations and the balance sheet date.

12
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
120,000
-
0
WEB PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
12
Fixed asset investments
(Continued)
- 20 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 29 February 2024
-
Additions
120,000
At 28 February 2025
120,000
Carrying amount
At 28 February 2025
120,000
At 28 February 2024
-
13
Stocks
2025
2024
£
£
Finished goods and goods for resale
649,983
635,937
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,129,746
1,170,658
Corporation tax recoverable
14,196
14,196
Amounts owed by group undertakings
239,376
-
0
Other debtors
135,710
183,885
Prepayments and accrued income
116,663
127,915
1,635,691
1,496,654
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
17
172,092
675,793
Trade creditors
1,531,306
1,763,293
Amounts owed to group undertakings
-
0
428,740
Corporation tax
142,764
126,526
Other taxation and social security
47,756
47,715
Other creditors
213,210
224,333
Accruals and deferred income
253,907
240,418
2,361,035
3,506,818
WEB PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
15
Creditors: amounts falling due within one year
(Continued)
- 21 -

Unity Trust Bank Plc holds a legal charge dated 19 March 2024 over all property and undertakings of the company. Unity Trust Bank Plc also holds various standard securities over the heritable property owned by the company.

16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
6,201,751
5,322,408
Other creditors
140,000
140,000
6,341,751
5,462,408
Creditors which fall due after five years are payable as follows:
Payable by instalments
5,513,383
2,558,650
17
Loans and overdrafts
2025
2024
£
£
Bank loans
6,373,843
5,998,201
Payable within one year
172,092
675,793
Payable after one year
6,201,751
5,322,408
18
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
17,345
24,092
Investment property
28,750
-
46,095
24,092
WEB PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
18
Deferred taxation
(Continued)
- 22 -
2025
Movements in the year:
£
Liability at 29 February 2024
24,092
Charge to profit or loss
22,003
Liability at 28 February 2025
46,095
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
53,652
45,578

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.

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
120
120
120
120
21
Reserves

Included within the total reserves is an amount of £70,000 which represents non-distributable reserves. This portion is not available for distribution as dividends.

22
Operating lease commitments
Lessee

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:

2025
2024
£
£
Within one year
11,400
11,400
Between two and five years
7,550
18,950
18,950
30,350
WEB PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
22
Operating lease commitments
(Continued)
- 23 -
Lessor
2025
2024
£
£
Within one year
138,049
153,508
Between two and five years
330,036
411,208
In over five years
45,750
102,627
513,835
667,343
23
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption conferred by FRS 102 regarding disclosures between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

24
Ultimate controlling party

The directors consider the ultimate controlling party throughout the current year to be Right Medicine Pharmacy Limited, a company incorporated in Scotland.

The accounts of Right Medicine Pharmacy Limited are available to the public via Companies House. The registered office of this company is 79 - 81 Bandeath Industrial Estate, Throsk, Stirling, FK7 7NP.

25
Cash generated from operations
2025
2024
£
£
Profit/(loss) after taxation
6,035
(218,908)
Adjustments for:
Taxation charged
270,572
184,200
Finance costs
547,099
352,364
Investment income
(119,004)
(588)
Fair value gain on investment properties
-
0
(70,000)
Amortisation and impairment of intangible assets
789,442
742,012
Depreciation and impairment of tangible fixed assets
112,971
129,040
Movements in working capital:
(Increase)/decrease in stocks
(14,046)
7,095
Increase in debtors
(139,037)
(309,652)
(Decrease)/increase in creditors
(658,320)
637,424
Cash generated from operations
795,712
1,452,987
WEB PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 24 -
26
Analysis of changes in net debt
29 February 2024
Cash flows
28 February 2025
£
£
£
Cash at bank and in hand
810,311
346,253
1,156,564
Borrowings excluding overdrafts
(5,998,201)
(375,642)
(6,373,843)
(5,187,890)
(29,389)
(5,217,279)
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