REGISTERED NUMBER: 01818053 (England and Wales)

HYPERCHEM LIMITED

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Statement of Cash Flows

13

Notes to the Financial Statements

14

DIRECTORS:

Mrs V S Patel

Mr S H Patel

REGISTERED OFFICE:

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

REGISTERED NUMBER:

01818053 (England and Wales)

SENIOR STATUTORY AUDITOR:

Antony Kounnis FCCA

AUDITORS:

Christiansons Ltd

Chartered Certified Accountants

& Statutory Auditors

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of running retail pharmacies.

REVIEW OF BUSINESS

The results for the year and financial position of the company are as shown in the annexed financial statements.

DIVIDENDS

No interim dividend was paid during the year. The directors recommend a final dividend of £250 per share.

The total distribution of dividends for the year ended 31 March 2025 will be £ 500,000 .

DIRECTORS

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

Mrs V S Patel

Mr S H Patel

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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 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;

-	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.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Christiansons Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr S H Patel - Director

15 December 2025

Opinion

We have audited the financial statements of Hyperchem Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 March 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 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

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 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; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors

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

Irregularities, including fraud, represent instances of non-compliance with laws and regulations. We implement procedures aligned with our responsibilities, as outlined above, to detect material misstatements related to irregularities, including fraud. The effectiveness of our procedures in identifying such irregularities are detailed below.

We considered the nature of the company's industry and its control environment, and we reviewed the company's policies and procedures concerning fraud and compliance with laws and regulations. Additionally, we consulted with management about their own identification and assessment of the risks associated with irregularities.

We gained an understanding of the legal and regulatory framework in which the company operates, identifying key laws and regulations that:

1. Have a direct effect on the determination of material amounts and disclosures in the financial

statements, such as the UK Companies Act, pensions legislation, and tax legislation.

2. Do not directly affect the financial statements but are fundamental to the company's ability to operate or to avoid significant penalties, such as regulatory solvency requirements and environmental regulations.

We also discussed with the audit engagement team, including relevant internal specialists such as those in tax, valuations, pensions, and IT, about the opportunities and incentives for fraud that may exist within the organization and how and where fraud could occur in the financial statements.

Because of the discussion, we identified the following high risk areas with the potential of significant high fraud risk. We have also described below our procedures to address these risk:

1. Revenue recognition, NHS sales have been tested with counter sales and also NHS statements, 3rd party statements, have been reconciled to the bank receipts and with the accounting system to ensure that NHS revenue completely recognised into the account.

2. As a norm for audits under ISAs (UK), we are also required to perform audit procedures to respond to the risk of management override. We responded by testing the appropriateness of the journal entries and other estimates in the financial statements, considering their potential bias and evaluated the business rational of significant transactions that are unusual or outside the normal course of the business.

We have also reviewed, the disclosures by testing the supporting documentation to assess the compliance with relevant laws and regulations which have a direct effect on the financial statements.

We have also performed analytical reviews alongside management enquiry to indemnify potential litigations or claims, and instance of non compliance with the laws and regulation.

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.

Antony Kounnis FCCA (Senior Statutory Auditor)

for and on behalf of Christiansons Ltd

Chartered Certified Accountants

& Statutory Auditors

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

15 December 2025

REVENUE

8,592,600

12,603,021

Cost of sales

5,881,594

8,647,188

GROSS PROFIT

2,711,006

3,955,833

Administrative expenses

2,557,383

3,487,933

153,623

467,900

Other operating income

-

3,210

OPERATING PROFIT

4

153,623

471,110

Interest receivable and similar income

266

178

153,889

471,288

Interest payable and similar expenses

5

21,823

3,242

PROFIT BEFORE TAXATION

132,066

468,046

Tax on profit

6

37,755

127,408

PROFIT FOR THE FINANCIAL YEAR

94,311

340,638

PROFIT FOR THE YEAR

94,311

340,638

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

94,311

340,638

FIXED ASSETS

Intangible assets

8

-

10,960

Property, plant and equipment

9

897,823

450,403

Investments

10

1,000

1,000

898,823

462,363

CURRENT ASSETS

Inventories

11

799,417

625,755

Debtors

12

2,505,658

2,655,579

Cash at bank and in hand

175,020

216,130

3,480,095

3,497,464

CREDITORS

Amounts falling due within one year

13

2,179,144

1,321,883

NET CURRENT ASSETS

1,300,951

2,175,581

TOTAL ASSETS LESS CURRENT LIABILITIES

2,199,774

2,637,944

CREDITORS

Amounts falling due after more than one year

14

(16,632

)

(41,639

)

PROVISIONS FOR LIABILITIES

16

(17,758

)

(25,232

)

NET ASSETS

2,165,384

2,571,073

CAPITAL AND RESERVES

Called up share capital

17

2,000

2,000

Retained earnings

18

2,163,384

2,569,073

SHAREHOLDERS' FUNDS

2,165,384

2,571,073

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2025 and were signed on its behalf by:

Mr S H Patel - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2022

2,000

2,478,435

2,480,435

Changes in equity

Dividends

-

(250,000

)

(250,000

)

Total comprehensive income

-

340,638

340,638

Balance at 31 March 2024

2,000

2,569,073

2,571,073

Changes in equity

Dividends

-

(500,000

)

(500,000

)

Total comprehensive income

-

94,311

94,311

Balance at 31 March 2025

2,000

2,163,384

2,165,384

Cash flows from operating activities

Cash generated from operations

1

64,155

249,866

Interest paid

(21,823

)

(2,064

)

Interest element of hire purchase payments paid

-

(1,178

)

Tax paid

(114,889

)

64,465

Net cash from operating activities

(72,557

)

311,089

Cash flows from investing activities

Purchase of tangible fixed assets

(572,281

)

(85,283

)

Interest received

266

178

Net cash from investing activities

(572,015

)

(85,105

)

Cash flows from financing activities

Capital repayments in year

(25,043

)

66,622

Group undertakings balances

1,158,505

(22,802

)

Group undertakings balances

(30,000

)

66

Equity dividends paid

(500,000

)

(250,000

)

Net cash from financing activities

603,462

(206,114

)

(Decrease)/increase in cash and cash equivalents

(41,110

)

19,870

Cash and cash equivalents at beginning of year

2

216,130

196,260

Cash and cash equivalents at end of year

2

175,020

216,130

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

1.10.22

Year Ended

to

31.3.25

31.3.24

£

£

Profit before taxation

132,066

468,046

Depreciation charges

135,821

200,134

Finance costs

21,823

3,242

Finance income

(266

)

(178

)

289,444

671,244

Increase in inventories

(173,662

)

(66,913

)

Increase in trade and other debtors

(6,277

)

(461,435

)

(Decrease)/increase in trade and other creditors

(45,350

)

106,970

Cash generated from operations

64,155

249,866

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

175,020

216,130

Period ended 31 March 2024

31.3.24

1.10.22

£

£

Cash and cash equivalents

216,130

196,260

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

216,130

(41,110

)

175,020

216,130

(41,110

)

175,020

Debt

Finance leases

(66,622

)

25,043

(41,579

)

(66,622

)

25,043

(41,579

)

Total

149,508

(16,067

)

133,441

1.	STATUTORY INFORMATION

Hyperchem Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account as incurred.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill consists of the amount paid in connection with the acquisition of a business in 2008, amortised evenly over its useful economic life of 10 years together with the amount paid in connection with the aquisition of business in 2011 and in 2014 amortised evenly over its estimated useful life of five years.

Intangible assets

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.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Significant judgements and estimates

The preparation of the group undertakings financial statements requires management to make judgements, estimates and assumption that affect the reported amounts of revenue, expenses, assets and liabilities and the disclosures at the reporting period end date. 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.

However, uncertainty about these assumptions and estimates could result in outcomes that requires and material adjustment to the carrying amount of the asset or liability affected in to the further periods.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, on in the period of the revision and future periods if the revision affects both current and future periods.

3.	EMPLOYEES AND DIRECTORS

Period

1.10.22

Year Ended

to

31.3.25

31.3.24

£

£

Wages and salaries

1,221,340

1,828,312

Social security costs

107,671

155,958

Other pension costs

17,022

24,980

1,346,033

2,009,250

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

Period

1.10.22

Year Ended

to

31.3.25

31.3.24

Administrative staff

6

6

Pharmacies staff

43

47

49

53

Period

1.10.22

Year Ended

to

31.3.25

31.3.24

£

£

Directors' remuneration

11,576

29,859

4.	OPERATING PROFIT

The operating profit is stated after charging:

Period

1.10.22

Year Ended

to

31.3.25

31.3.24

£

£

Depreciation - owned assets

124,861

160,504

Development costs amortisation

10,960

39,630

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.10.22

Year Ended

to

31.3.25

31.3.24

£

£

Interest payable

21,823

2,064

Hire purchase

-

1,178

21,823

3,242

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

Period

1.10.22

Year Ended

to

31.3.25

31.3.24

£

£

Current tax:

UK corporation tax

45,229

118,812

Deferred tax

(7,474

)

8,596

Tax on profit

37,755

127,408

7.

DIVIDENDS

Period

1.10.22

Year Ended

to

31.3.25

31.3.24

£

£

Final

500,000

250,000

8.	INTANGIBLE FIXED ASSETS

Development

Goodwill

costs

Totals

£

£

£

COST

At 1 April 2024

and 31 March 2025

2,567,884

114,680

2,682,564

AMORTISATION

At 1 April 2024

2,567,884

103,720

2,671,604

Amortisation for year

-

10,960

10,960

At 31 March 2025

2,567,884

114,680

2,682,564

NET BOOK VALUE

At 31 March 2025

-

-

-

At 31 March 2024

-

10,960

10,960

9.	PROPERTY, PLANT AND EQUIPMENT

Improvements

Fixtures

Short

to

and

leasehold

property

fittings

£

£

£

COST

At 1 April 2024

638,900

298,056

512,550

Additions

16,657

505,830

12,060

At 31 March 2025

655,557

803,886

524,610

DEPRECIATION

At 1 April 2024

471,370

88,485

473,455

Charge for year

23,500

64,210

9,598

At 31 March 2025

494,870

152,695

483,053

NET BOOK VALUE

At 31 March 2025

160,687

651,191

41,557

At 31 March 2024

167,530

209,571

39,095